Unity & Inclusion NYC: Lorine Pendleton
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KEYNOTE: The State of Diverse Entrepreneurship and the Funding Landscape Speaker: Lorine Pendleton Investment Partner, Portfolia Member, Pipeline Angels NY Chair, TIGER 21
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Unity & Inclusion NYC: Lorine Pendleton
- 1. THE STATE OF DIVERSE ENTREPRENEURSHIP & THE FUNDING LANDSCAPE Presented by: Lorine Pendleton Unity & Inclusion Summit NYC May 2018
- 2. DISCUSSION • Introduction • Trends for Diverse Entrepreneurs & Companies • The Funding Landscape • What Diverse Entrepreneurs Can Do • Q&A 2
- 3. INTRODUCTION • Investment Partner - Portfolia • Pipeline Angels Alumna 2013 and Member • NY Chair ofTIGER 21 • Diversity Consultant – PendletonVentures • Former entertainment attorney • Startup experience SelectMinds and Community Connect with exits • Guest Judge on BET/CentricTV "Queen Boss" pitch competitionTV show (premiered winter 2017) • Brown University (BA - Economics) and New York Law School (JD)LORINE PENDLETON 3
- 4. PENDLETON VENTURES TRENDS FOR DIVERSE ENTREPRENEURS
- 5. DEFINING DIVERSITY Multi-Culture DIVERSE WORK TEAMS Fostering Innovation through diversity Promotio n and Retentio n Multi- Gender Multi- Generation Multi- Ethnic Multi- Socioeconom ic & Experiences © 2018 Pendleton Ventures L
- 6. DIVERSITY OF US ENTREPRENEURSHIP (Source: Lance Surety Bonds)© 2018 Pendleton Ventures LLC
- 7. (Source: Lance Surety Bon© 2018 Pendleton Ventures LLC DIVERSITY OF US ENTREPRENEURSHIP
- 8. (Source: Lance Surety Bon © 2018 Pendleton Ventures LLC DIVERSITY OF US ENTREPRENEURSHIP
- 10. FUNDING INEQUALITY • There is an unequal playing field for capital impacting the types of businesses launched and revenue growth • 2016 Dell Women's Entrepreneur Cities Index study - access to capital is still a major challenge for women • Diverse companies are 35% more likely to outperform companies that are not diverse (McKinsey) • Women bring in 20% more revenue with 50% less money invested than male entrepreneurs • Women-led companies performed 63% better than investments with all-male founding teams (First Round Study - 2016) 10© 2018 Pendleton Ventures LLC
- 11. MOST FUNDING DECISION-MAKERS ARE NOT DIVERSE 11 (Source: Social + Capital and The Informatio Gender Distribution Racial/Ethnic Distribution Study of top 70 VC firms with $180 billion assets under management © 2018 Pendleton Ventures LLC 8% 92% Senior Investment Senior Investment Team % Men % Women 78% 20% % White % Asian % Black % Latino 1% 1%
- 12. HOW THIS PLAYS OUT WITH FUNDING OF DIVERSE & WOMEN STARTUPS • Bias Creep (Unconscious and Conscious) o Harvard/Columbia Study - Promotion vs Prevention Pitch Questions for Women vs. Men • Some VCs Do Not Understand Startups Whose Addressable Markets are Products/Services Targeting Women and/or Diverse Markets • Some VCs Do Not Know Diverse or Women Entrepreneurs o VCs should expand their VC circle o Network - Entrepreneurs should go where the investors are o Seek investors who “get it” 12 © 2018 Pendleton Ventures LLC
- 13. DIVERSE FOUNDED VENTURE CAPITAL FIRMS 13 © 2018 Pendleton Ventures LLC
- 14. ANGEL GROUPS FOCUSED ON INVESTING IN WOMEN-LED STARTUPS 14© 2018 Pendleton Ventures LLC
- 15. 15 FEMALE FOUNDED VENTURE AND MICRO VENTURE FIRMS (AT LEAST 50% FEMALE PARTNERS) Forerunner Ventures Keystone Ventures The Perkins Fund Rivet Ventures © 2018 Pendleton Ventures LLC
Notas do Editor
- I’m the founder and principal of Pendleton Ventures Provide advice to companies on their diversity initiatives including: attracting and retaining diverse talent, Levergaing diversity in all aspects to drive innovation increase sales tap new markets solve problems drive value increase impact I’m passionate about diversity because in my career I often find myself as the only black person and/or woman in the room Tell stories
- - Diversity comes in all shapes and sizes - Pay attention to diversity of thought, not only to demographic diversity
- Endless studies have shown that companies who are diverse in all regards (gender, race, experiences, etc.) outperform organizations who are homogenous
- Endless studies have shown that companies who are diverse in all regards (gender, race, experiences, etc.) outperform organizations who are homogenous
- Endless studies have shown that companies who are diverse in all regards (gender, race, experiences, etc.) outperform organizations who are homogenous
- Global Entrepreneurship Monitor - surveyed nearly 6,000 people between 18 and 74 in the US about their entrepreneurial habits. Typical woman who had just started a business with only $10,000 Women reported needing only half as much money as men, twice as likely to rely on family members for funding than men Women started their businesses much later in life between 35 and 44 while men started between 25 and 34. Conclusion - women start on a shoestring budget because they are likely to be more efficient or they're given less money.
- TechCrunch Study conducted in 2015 and 2016 on women in VC and their impact on female founders Purpose was to determine: how many women are true investing partners at the leading venture and micro-venture firms. While everyone knows that the number of female investing partners is very limited, we aimed to establish a well-defined baseline against which to measure future progress. explore which venture firms have the strongest track record of supporting startups with at least one female co-founder.
- Bias Creep – Promotion vs. Prevention Entrepreneurs can learn to respond to these questions to their advantage VCs should hire more women & diverse VCs to avoid blindspots Some VCs Do Not Know Diverse or Women Entrepreneurs VCs should expand their VC circle Entrepreneurs should go where the investors are Seek investors who “get it”
- Pipeline Angels has over 200 members and has invested over $4 million in 30+ companies. Golden Seeds has 275 members, invested in $90+ million in 85+ companies. Astia Angels has invested in 45 companies nearly $15 million Portfolia Funds – affinity funds (consumer, enterprise software, Active aging). Each fund has up to 99 investors and each fund invests about $100K in 10 companies. To date they have 3 funds which have invested $3.5 million in 30 companies.